{"id":272657,"date":"2022-11-04T12:20:10","date_gmt":"2022-11-04T12:20:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=272657"},"modified":"2022-11-04T12:24:25","modified_gmt":"2022-11-04T12:24:25","slug":"more-entities-back-ripple-as-sec-seeks-extension","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/more-entities-back-ripple-as-sec-seeks-extension\/","title":{"rendered":"More entities back Ripple as SEC seeks extension"},"content":{"rendered":"

The number of firms backing Ripple (XRP<\/a>) against the U.S. SEC has increased to 12, with the latest being a Wyoming-based decentralized organization VeriDAO, which filed an amicus brief<\/a> on Nov. 3.<\/p>\n

According to the court filing, the SEC had brought a lawsuit against the DAO that its VERI tokens were unregistered securities on Aug. 12, 2019. The filing continued that while the organization resolved the issue concerning the tokens with the commission, they were unable to clarify whether the tokens were \u201cinvestment contracts\u201d or some other type of \u201csecurity.\u201d<\/p>\n

The DAO stated that efforts to get more clarity concerning this token from the regulator had proven abortive. The SEC only provided an informal warning that the VERI Tokens would be treated as securities.<\/p>\n

According to the DAO, XRP could end up falling under this same regulatory ambiguity cloud if the Gary Gensler-led commission is allowed to have its way.<\/p>\n

Several other firms, including U.S.-based crypto exchange Coinbase, have filed a motion to support Ripple. Coinbase said<\/a> the SEC lawsuit had caused around $15 billion in losses for retail traders.<\/p>\n

12 firms now support Ripple<\/h2>\n

The general counsel at Ripple, Stuart Alderoty, stated that a dozen companies now support Ripple's defense against the SEX. He said<\/a>:<\/p>\n

“A dozen independent voices – companies, developers, exchanges, public interest and trade assoc.\u2019s, retail holders – all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC\u2019s response? We need more time, not to listen or engage, but to blindly bulldoze on.”<\/p><\/blockquote>\n

Ripple CEO Brad Garlinghouse also noted that the number of companies supporting the crypto firm is “unprecedented” as they each explain “the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way.”<\/p>\n

\n

For those of you keeping count, 12 (!) amici briefs submitted.\u00a0 It\u2019s unprecedented (I\u2019m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the\u00a0SEC will do to every facet of the US crypto economy if it gets its way. https:\/\/t.co\/Na9fWq3GvO<\/a><\/p>\n

— Brad Garlinghouse (@bgarlinghouse) November 3, 2022<\/a><\/p><\/blockquote>\n